Sept 15, 2011 (LBO) – Sri Lanka’s Cargills (Ceylon) Plc, which owns the island’s largest retail chain and is part of a group with cinema businesses, plans to build a shopping and entertainment complex in the former northern war zone. “The company is set to invest 500 million rupees in the development of a new shopping and entertainment complex in the heart of Jaffna town,” the company said in a stock exchange filing.
The ground-breaking ceremony is to be held Thursday morning at the project site on Hospital Road in Jaffna, which was badly affected by the island’s 30-year ethnic war which ended in 2009.
Cargills also has interests in food processing and runs a chain of supermarkets under the ‘Food City’ brand has been expanding in recent months.
The firm is part of CT Holdings formerly known as the Ceylon Theatres group. Last week it announced plans to get into banking with central bank approval being received to set up Cargills Agriculture and Commercial Bank.